Which One Of The Following Is A Direct Tax

March 26, 2024 Post a Comment

Which one of the following is a direct tax

What Is a Direct Tax? A direct tax is a tax that a person or organization pays directly to the entity that imposed it. Examples include income tax, real property tax, personal property tax, and taxes on assets, all of which are paid by an individual taxpayer directly to the government.

Which of the following is a type of direct tax?

Excise Duty, Customs Duty, Service Tax, Sales Tax, Purchase Tax, Entry Tax, etc.

Which of the following is a direct tax Mcq?

The correct answer is Wealth tax.

Which is the direct tax in India Mcq?

Explanation: Income tax, wealth tax and corporation tax are all direct taxes and levied by the central government. Sales tax, Excise duty and custom duty are indirect taxes mostly in the hands of the state government. 3.

What are the 4 types of tax?

Digressive Tax.

Tax Type # 1. Progressive Tax:
Tax Type # 2. Proportional Tax:
Tax Type # 3. Regressive Tax:
Tax Type # 4. Digressive Tax:

What are the 2 direct taxes?

Direct taxes are one type of taxes an individual pays that are paid straight or directly to the government, such as income tax, poll tax, land tax, and personal property tax.

Which of the following is not a direct tax Mcq?

Only indirect taxes such as sales tax, excise duty, and customs duty would be eliminated under the Goods and Services Tax (GST).

Which one is not a direct tax?

Detailed Solution. The correct answer is Sales Tax. Sales tax is an indirect tax.

Which is not an example of direct taxes?

Direct taxes include tax varieties such as income tax, corporate tax, wealth tax, gift tax, expenditure tax etc. Some examples of indirect taxes are sales tax, excise duty, VAT, service tax, entertainment tax, custom duty etc.

Which tax is direct tax in India?

It is just income tax which is paid in advance. Generally, a taxpayer pays income tax at the end of the financial year, when the actual income data is available. However, if your total tax liability exceeds Rs. 10,000 a year, then you should pay it in advance based on the estimated income for the year.

What is the name of direct tax in India?

Capital Gains Tax as Direct Tax In India, the Capital Gain Tax is divided into Short-term Capital Gains (STCG) and Long-term Capital Gains (LTCG), which refer to capital gains from assets held for less than 36 months and capital gains from assets held for longer than 36 months respectively.

What are two direct taxes in India?

The collections for India's direct tax for the fiscal year 2020-21 (FY21) were recorded to be at Rs. 9.45 lakh crore. Corporation Tax (CIT) at Rs 4.57 lakh crore and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs 4.88 lakh crore are part of the net direct tax collections.

What are 3 types of taxes?

progressive tax—A tax that takes a larger percentage of income from high-income groups than from low-income groups. proportional tax—A tax that takes the same percentage of income from all income groups. regressive tax—A tax that takes a larger percentage of income from low-income groups than from high-income groups.

What are the 3 types of income tax?

Here is a list of 3 various kinds of income taxes-

Wealth Tax. If you want to know about the different types of income tax, start with the wealth tax.
Corporate Tax. As per the IT Act of 1961, national as well as international corporate organisations are also required to pay corporate tax. ...
Capital Gains Tax.

What are the 5 types of income tax?

Let us understand these tax heads of income one by one in detail.

Income from Salary.
Income from House Property.
Income from Profits and Gains from Business or Profession.
Income from Capital Gains.
Income from Other Sources.

Is income tax direct?

Some are known as 'direct' taxes if they are levied on the income or profits of the person who pays it, rather than on goods and services. The main example is income tax, which you can see being taken from your pay or have to pay direct to HMRC.

Is GST direct tax?

Answer: GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.

Is service tax a direct tax?

Definition: Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. It is categorized under Indirect Tax and came into existence under the Finance Act, 1994.

Is VAT a direct tax?

Direct taxes can be in the form of income tax, capital gains tax or securities transaction tax, while indirect taxes such as GST, Customs Duty or VAT are levied on all end-consumers to buy any goods services.

Which of the following is an example of direct indirect tax?

Indirect taxes are imposed indirectly on customers who consume goods and services that are taxed by the government. Wealth tax, income tax, paper tax are direct taxes. Sales tax is an indirect tax imposed by the government on the sale of goods and services.